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Property tax relief signed

Wednesday, April 24, 2013Chicago Sun-Timesby Zach Buchheit

Gov. Pat Quinn on Tuesday signed into law a measure to save Cook County seniors up to $240 on their next property tax bills, with more modest savings built in for younger homeowners.

The legislation will raise exemptions this year from $4,000 to $5,000 annually for Cook County seniors 65 years and older who pay real estate taxes. The so-called senior homestead exemption will rise by the same amount next year for seniors in other parts of the state.

The increased exemptions are estimated to create annual savings for seniors of $110 in Chicago, $150 in the north suburbs and $240 in the south suburbs, the Cook County Assessor's office said.